Romag Holdings PLC is to carry out a major expansion of its photovoltaic production capacity. The move will be partly funded by a £2.63M placing, the company said 7/06/06. During its first 18m, Romag's current facilities at Consett have produced around 1MW of its building-integrated photovoltaic product, Powerglaz, generating over £2.5M/turnover. Powerglaz has been installed in several high profile projects including the Eden project & the London Science Museum. The increase in capacity, which is expected to come on line in the 2H 2007, is required to meet the expected significant increase in demand in the UK & Europe. Romag proposes to place 2,161,532 new ordinary shares of £0.25 each with institutional & other investors at a price of £1.22/share to raise approximately £2.63M before expenses, around 4.75% of the enlarged issued share capital.
